How to get your accounts data ready to submit using MTD.
Description
Once you've checked that your accounts software is MTD-ready, before you start submitting your VAT Return under Making Tax Digital (MTD) for VAT, we recommend preparing your data. This ensures your VAT Return values are correct going forward. The steps you need to take depend on how you currently process and submit your VAT Returns.
For further guidance, please answer the questions below.
Resolution
How do you submit your VAT Return?
Do you currently submit your VAT Return online directly from Sage 50 Accounts?
Yesnull;null;wiz3a,wiz3 Nonull;null;wiz3b,wiz3 Your data is ready for MTD
As you currently submit your VAT Returns directly from Sage 50 Accounts, your data is ready and in the correct format to submit for MTD.
For the next steps in moving to MTD, including checking your software is MTD-ready if you haven't yet done this, take a look at our MTD checklist.
Restartnull;null;wiz3,wiz3a How do you calculate your VAT Return?
For each VAT period are both of the following statements true?
- You calculate and reconcile your VAT Return in Sage 50 Accounts.
and
- The VAT Return values in Sage 50 Accounts match the values you submit to HMRC.
Restartnull;null;wiz3,wiz3b Yesnull;null;wiz3c,wiz3b Nonull;null;wiz3d,wiz3b Your data is ready for MTD
As you currently calculate, check and reconcile your VAT Returns within Sage 50 Accounts and submit the same values to HMRC, your data is ready and in the correct format to submit for MTD.
For the next steps in moving to MTD, including checking your software is MTD-ready if you haven't yet done this, take a look at our MTD checklist.
Restartnull;null;wiz3,wiz3c Previousnull;null;wiz3b,wiz3c You must prepare your data for MTD
Before you can start submitting VAT Returns under MTD you must prepare your data to ensure that the values you submit under MTD are correct. This includes:
- Ensuring you're using the correct VAT settings.
- Ensuring you're using the correct tax codes.
- Reconciling transactions that were included in previous VAT Returns submitted to HMRC.
- Ensuring all transactions for the current VAT period are entered in Sage 50 Accounts.
- Ensuring any late entries from the previous VAT period are entered in Sage 50 Accounts.
Find out more >
TIP: If you currently don't submit your VAT Return via Sage 50 Accounts because you submit group VAT Returns, to discuss the right MTD solution for you, leave your details and we'll be in touch.
As every business is different, you may also want to speak to your accountant for further advice on preparing your data.
Once you've prepared your data, for the next steps in moving to MTD, take a look at our MTD checklist. You can also find out more by watching our free MTD webinar.
Restartnull;null;wiz3,wiz3d Previousnull;null;wiz3b,wiz3d
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